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RECITALS <br /> A. On April 4, 2009, Arden Plaza submitted an application requesting the approval of a <br />Planned Unit Development Master Plan (“PUD-Master Plan”) for its development, to be known as <br />ARDEN PLAZA (PC File No. 09-011), for the property now legally described as: <br />Lots 1, 2 and 3, Block 1, Arden Plaza <br />(“Plat” or “Property”); a combined preliminary/final plat for the Property; and a Planned Unit <br />Development Final Plan (“PUD-Final Plan”) for a portion of the Property (“Phase I”). The PUD-Final <br />Plan included three phases and four lots, with two buildings to be located on one lot. The PUD-Final Plan <br />Agreement between the City and Arden Plaza was dated July 13, 2009 and was recorded on February 16, <br />2012 with the Office of the County Recorder, Ramsey County, Minnesota as Document No. 4320381. <br />The approved plat was never recorded. <br /> B. The City and Arden Plaza entered into an Amendment to Phase I dated July 12, 2010 and <br />recorded with the County Recorder, Ramsey County, Minnesota on February 16, 2012 as Document No. <br />4320380 (“Phase I First Amendment”) as part of PC File No. 10-008. Phase I First Amendment extended <br />the dates for obtaining building permits for Phase I, for applying for final plan approval for future phases <br />and for recording the final plat. <br /> C. The City and Arden Plaza entered into a Second Amendment to Phase I dated October 10, <br />2011 and recorded with the Office of the County Recorder, Ramsey County, Minnesota on February 16, <br />2012 as Document No. 4320379 (“Phase I Second Amendment”) as part of PC File No. 11-016. The <br />Phase I Second Amendment revised the number of lots, reduced the number of buildings to be constructed <br />on the lots and approved a revised preliminary and final plat. <br />D. The plat for Arden Plaza was recorded with Ramsey County on November 16, 2011 <br />(“Final Plat”). <br />2 <br />174869v10